Name: 迪士尼與環球影城之間的數十億美元主題公園競賽 (The Multi-Billion Dollar Theme Park Race Between Disney And Universal)
Uploaded: 2025-06-10T07:41:12.000Z
Duration: 14 min 24 s

We're going to invest roughly $30 billion in the United States to expand Orlando and California.

我們將在美國投資約 300 億美元，以擴大奧蘭多和加利福尼亞的業務。

情態副詞

This park is the most technologically advanced thing we've ever done, and we've done some pretty advanced things in our time.

這個公園是我們做過的技術最先進的事情，而我們在這個時代也做過一些相當先進的事情。

程度副詞

Walt Disney World and Universal Orlando Resort, two of the biggest names in theme parks, are about to get even bigger.

華特迪士尼世界和奧蘭多環球度假區是主題公園中的兩大巨頭，它們的規模將變得更大。

We've got a lion's share of that investment coming to us.

At Walt Disney World, plans are already in the works, with expansions and facelifts being rolled out across several of its parks, including the largest addition to Magic Kingdom in the park's history.

在迪斯尼世界，各項計劃已經開始實施，多個園區正在進行擴建和整修，其中包括 "魔法王國 "有史以來最大的擴建工程。

This is a massive site, and we want to stay relevant, stay current, invest in our existing assets, and make new experiences as well.

這是一個龐大的網站，我們希望與時俱進、與時俱進，對現有資產進行投資，並創造新的體驗。

Across town is Universal Orlando, the home of another iconic castle.

穿過城市就是奧蘭多環球影城，它是另一座標誌性城堡的所在地。

Now it's opening Epic Universe, a fourth theme park that's expected to double the size of Universal's footprint in Orlando.

現在，環球影城又要開建第四個主題公園 "史詩宇宙"（Epic Universe），預計將使環球影城在奧蘭多的業務規模擴大一倍。

It's so different than anything else that we've ever built, but certainly I think it's different than anyone's ever built.

它與我們建造過的任何其他建築都大相徑庭，當然，我認為它也與任何人建造過的建築都不同。

A theme park Universal hopes will rival Disney World, making it a full-week destination in itself.

環球公司希望這個主題公園能與迪斯尼世界相媲美，使其本身成為一週的旅遊勝地。

I think you might be passing Disney at this point, Mark.

馬克，我想你現在可能要離開迪斯尼了。

But as these two theme park giants invest billions into their central Florida properties, a dark cloud is hanging over Orlando.

但是，當這兩家主題公園巨頭向佛羅里達州中部的產業投資數十億美元時，奧蘭多上空卻籠罩著一片烏雲。

Now looming over the whole industry is concern about a potential decline in consumer spending.

現在，籠罩在整個行業上空的是對消費者支出可能下降的擔憂。

Economic and political volatility has pulled on consumer sentiment, forcing travelers to forego U.S. vacations.

經濟和政治動盪影響了消費者的情緒，迫使遊客放棄美國度假。

In 2025, the United States is expected to lose $12.5 billion in international travel spending, a 22 percent decline from its peak in 2019.

2025 年，美國的國際旅遊支出預計將減少 125 億美元，比 2019 年的峰值下降 22%。

That trend could cost the U.S. $21 billion in revenue if it continues.

如果這種趨勢繼續下去，美國可能會損失 210 億美元的收入。

Can Walt Disney World or Universal Orlando escape a broader, prolonged period of consumer weakness that results from tariffs?

迪士尼世界或奧蘭多環球影城能否躲過關稅導致的更廣泛、更長期的消費疲軟期？

So will Universal and Disney's billion-dollar bets on theme parks pay off, or will a tourism downturn sour Orlando's epic summer?

那麼，環球和迪斯尼在主題公園上的數十億美元賭注是否會得到回報，旅遊業的衰退是否會影響奧蘭多史詩般的夏天？

You step in and you get to see all your favorite characters and all the surrounding environment and all the animated, substantive entertainment elements in it.

你走進去，就能看到所有你喜歡的角色和周圍的環境，以及裡面所有的動畫和實質性的娛樂元素。

This spring, Universal Orlando opened the gates to Epic Universe.

今年春天，奧蘭多環球影城打開了史詩宇宙的大門。

Costing an estimated $7 billion, Epic Universe is Comcast's biggest theme park investment to date.

據估計，"史詩宇宙 "耗資 70 億美元，是康卡斯特迄今為止最大的主題公園投資項目。

It also marks the first theme park opening in the U.S. in more than two decades.

這也標誌著二十多年來美國第一個主題公園的開業。

When you walk in and you step through Peach's Castle and you're standing in Super Nintendo World, you feel like you've been dropped into the game.

當你走進桃子城堡，站在超級任天堂世界裡時，你會覺得自己彷彿置身於遊戲之中。

Universal's flagship resort welcomes around 20 million visitors annually, a number it's hoping to boost during Epic's inaugural summer.

環球影城的旗艦度假勝地每年接待約 2000 萬遊客，希望在 Epic 的首個夏季能提高遊客數量。

Epic Universe includes five brand-new themed worlds that combine a wide variety of new and existing IP for the park.

史詩宇宙 "包括五個全新的主題世界，融合了樂園各種新的和現有的 IP。

How to Train Your Dragon's Isle of Berk, The Wizarding World of Harry Potter's Ministry of Magic, Celestial Park, Super Nintendo World, and a throwback to classic monster movies with Dark Universe.

馴龍高手》的伯克島、《哈利波特魔法世界》的魔法部、天體公園、超級任天堂世界，以及經典怪獸電影《黑暗宇宙》的迴歸。

One of the most amazing attractions I'd say that we've ever built is in that world.

我想說，我們建造的最令人驚歎的景點之一就在那個世界裡。

While only 7 percent of Comcast's overall revenue, theme parks brought in $8.6 billion in 2024 and an additional $1.8 billion in Q1 2025.

雖然主題公園只佔康卡斯特總收入的 7%，但它在 2024 年帶來了 86 億美元的收入，在 2025 年第一季度又增加了 18 億美元。

That makes Epic's addition a clear growth opportunity for the segment.

是以，Epic 的加入顯然為該細分市場帶來了發展機遇。

A reasonable estimate of revenue for Epic is about $2 billion on an annualized basis with about a 30 to 35 percent profit margin.

據合理估計，Epic 的年收入約為 20 億美元，利潤率約為 30% 至 35%。

Both Disney and Universal's parent company Comcast saw their share prices peak in 2021 as the post-COVID tourism wave saw pent-up travel demand spilling into theme parks.

迪士尼和環球的母公司康卡斯特的股價都在 2021 年達到頂峰，原因是 "COVID "後的旅遊浪潮使被壓抑的旅遊需求湧入主題公園。

For both companies, the theme park segments are consistent performers, offsetting volatility in areas like film and linear TV.

對於這兩家公司來說，主題公園業務表現穩定，抵消了電影和線性電視等領域的波動。

Industry insiders are telling me that the media giant's parks divisions are more important than ever.

業內人士告訴我，媒體巨頭的公園部門比以往任何時候都更加重要。

A larger part of Comcast, once it spins off Versant, which includes CNBC, and almost 60 percent of Disney's operating income comes from its parks division, the time of transition and uncertainty for its linear and film divisions.

一旦康卡斯特剝離包括 CNBC 在內的 Versant 公司，其更大的一部分業務，以及迪斯尼近 60% 的營業收入都將來自其樂園部門，而此時正是其線性和電影部門的轉型期和不確定期。

For Universal, though, it still has a long way to go to catch up with Disney World's roughly 50 million annual park goers.

不過，環球樂園要趕上迪斯尼世界每年約 5000 萬的遊客量，還有很長的路要走。

But for its part, Universal is looking to go after another segment of tourists, thrill seekers.

不過，環球影城則希望吸引另一部分遊客，即尋求刺激的遊客。

The Disney product is more geared towards families and nostalgia, and the Universal park is more geared towards teenagers, young adults and contemporary culture.

迪斯尼的產品更偏向於家庭和懷舊，而環球樂園則更偏向於青少年、年輕人和現代文化。

Beyond the addition of Epic, Universal is also building out its hotel footprint in and around Orlando to 11,000 rooms.

除了 Epic 的加入，環球影城還在奧蘭多及其周邊地區建立酒店，客房數量達到 11,000 間。

We now have 11 hotels and they're all very different, all really designed to cater not just thematically but to different people's budgets.

我們現在有 11 家酒店，它們都非常不同，其設計不僅迎合主題，也符合不同人的預算。

Comparatively, Disney World resorts portfolio is more than double that, 29,000 rooms and more than 25 hotel options.

相比之下，迪斯尼世界度假區的客房數量是後者的兩倍多，共有 29,000 間客房和超過 25 家酒店可供選擇。

Still, Universal is hoping the addition of Epic will take Universal Orlando from a two to three day destination to a full week experience.

儘管如此，環球公司仍希望 Epic 的加入能將奧蘭多環球影城從兩三天的遊覽勝地提升到一週的體驗。

You will not be able to enjoy everything that it is we have to offer without being here for four or five days.

如果不在這裡住上四五天，您就無法享受到我們所提供的一切。

While all eyes might be on Epic Universe this summer, Walt Disney World has some epic, or should I say magical, plans of its own.

雖然今年夏天所有的目光都集中在 "史詩宇宙 "上，但迪士尼世界也有自己的史詩計劃，或者應該說是神奇計劃。

I'm standing on Main Street, USA, in Walt Disney World's Magic Kingdom.

我正站在迪斯尼世界魔法王國的美國大街上。

Every single day, tens of thousands of visitors come down this street towards that castle, culminating in 17 million visitors annually.

每天都有成千上萬的遊客沿著這條街走向城堡，每年的遊客量達到 1700 萬人次。

Riding rides, taking pictures, eating pretzels, buying Mickey ears and staying at Disney resorts.

坐遊樂設施、拍照、吃椒鹽脆餅、買米奇耳朵、住迪士尼度假村。

Without that, we wouldn't be able to have that value proposition.

沒有這些，我們就不可能有這樣的價值主張。

Now, with $30 billion being infused into its U.S. parks, Disney World has already rolled out plans for some major expansions and additions.

現在，隨著 300 億美元注入美國公園，迪斯尼樂園已經推出了一些重大擴建和增建計劃。

One of the places you'll see these changes is right behind me.

你會看到這些變化的地方之一就在我身後。

Rivers of America and the space beyond is going to be home to one of Magic Kingdom's largest expansions to date, a brand new car-themed area and villain's land.

美國河及其外圍空間將成為魔法王國迄今為止最大的擴建項目之一，一個全新的汽車主題區域和惡棍樂園。

We're taking villains that we know and love from their stories, but we have this chance to create a new place for them, a new environment that has not necessarily been seen.

我們從他們的故事中選取了我們熟悉和喜愛的反派角色，但我們有機會為他們創造一個新的地方，一個不一定有人見過的新環境。

Disney's Hollywood Studios will also be welcoming a new expansion with Monstropolis.

迪斯尼好萊塢影城也將迎來新的擴建項目--夢幻城堡（Monstropolis）。

Hidden behind this green wall is the future site of Tropical Americas, a new addition to Disney's Animal Kingdom, opening in 2027.

隱藏在這面綠牆後面的是未來的熱帶美洲館，它是迪斯尼動物王國的新成員，將於 2027 年開放。

We're leaning heavily into the Maya culture.

To put in perspective how big that $30 billion investment is, in 2018, Disney opened Pandora, the world of Avatar and Animal Kingdom, an immersive world that cost an estimated $500 million to build, featuring what was, at its opening, the most advanced animatronic in Disney Parks history.

為了說明這 300 億美元的投資規模有多大，迪士尼在 2018 年開放了潘多拉、阿凡達世界和動物王國，這個身臨其境的世界耗資約 5 億美元建造，其特色是在開放時，迪士尼樂園歷史上最先進的動畫機器人。

Over in Disney's Hollywood Studios is Star Wars Galaxy's Edge.

在迪士尼好萊塢影城，有一個 "星球大戰銀河邊緣"（Star Wars Galaxy's Edge）。

Opened in 2019, the entire 14-acre expansion cost Disney a reported $1 billion.

據報道，整個 14 英畝的擴建工程耗資 10 億美元，將於 2019 年開放。

You have incredibly advanced figures like the Shaman on Navi River, or you've got something more nimble like BDX droids that can circle the globe very quickly.

你有像納維河上的巫師那樣無比先進的人物，也有像 BDX 機器人那樣可以快速環繞地球的靈活人物。

And rest assured that as we think about the investments that we're making in Tropical Americas and cars and villains in the future, all of that and more is being incorporated into the thinking of what we'll be able to bring to life for our guests.

請放心，在我們考慮對美洲熱帶地區、汽車和未來的反派角色進行投資時，所有這一切以及更多內容都已納入我們的考慮範圍，我們將為遊客帶來栩栩如生的體驗。

In 2024, Disney's theme park segment raked in a record revenue of more than $34 billion, a 5 percent climb from the year prior.

2024 年，迪士尼的主題公園業務收入超過 340 億美元，創下歷史新高，比上一年增長 5%。

迪士尼確實是一家主題公園公司。

So it's about two thirds of the company's operating profits are coming from experiences.

是以，公司大約三分之二的營業利潤來自於經驗。

On top of its announced $30 billion investment, last year the Central Florida Tourism Oversight District approved a historic deal with Walt Disney World.

除已宣佈的 300 億美元投資外，佛羅里達州中部旅遊監督區去年還準許了與迪斯尼世界的歷史性交易。

Remember Disney's political back and forth with Governor Ron DeSantis?

還記得迪士尼與州長羅恩-德桑蒂斯（Ron DeSantis）的政治交鋒嗎？

Well, it quietly came to a close last year.

Afterwards, Disney and the board came to a new agreement where Disney would invest up to $17 billion over the next 10 to 20 years.

之後，迪斯尼和董事會達成了一項新協議，迪斯尼將在未來 10 到 20 年內投資高達 170 億美元。

For its part, Disney got approval for several expansions if it wishes to do so.

迪斯尼方面已獲准進行若干次擴建，如果它希望這樣做的話。

In the agreement, Disney World got a green light to grow its maximum hotel capacity from around 40,000 to more than 53,000 rooms, a serious expansion from its current hotel capacity of 29,000.

在該協議中，迪斯尼樂園獲得了將其最大酒店容量從約 40,000 間客房增加到 53,000 多間客房的綠燈，這是在其目前 29,000 間酒店容量的基礎上的一次重大擴展。

Still, Disney World has yet to announce any such plans.

不過，迪斯尼樂園尚未宣佈任何此類計劃。

If you think about a hotel company with 29,000 rooms now that we've grown to and we really, after 54 years, continue to raise the bar.

如果你想想一家擁有 29,000 間客房的酒店公司，在 54 年後的今天，我們已經成長為一家真正不斷提高標準的公司。

The tariff uncertainty could put pressure on Disney World's construction plans.

關稅的不確定性可能會給迪斯尼世界的建設計劃帶來壓力。

Most of the rides, the big heavy duty equipment in the theme parks are manufactured outside of the United States and shipped here.

主題公園裡的大多數遊樂設施和大型重型設備都是在美國境外製造，然後運到這裡的。

There's certainly a chance for impact from tariffs that's measured in the billions.

關稅的影響肯定會以數十億美元計。

A lot of the construction cost of a theme park is labor and that would be only indirectly exposed to tariffs.

主題公園的大部分建設成本是勞動力成本，而這只是間接受到關稅的影響。

It possibly would raise the construction cost, the amount of investment needed.

這可能會提高建築成本和所需的投資額。

Probably the burden will come back to the consumer.

Meaning your theme park vacation could end up costing you, the consumer, more in the coming years.

這意味著，在未來幾年裡，你的主題公園假期可能會讓你--消費者--花費更多。

Vacations that are already pretty pricey.

The price hikes at parks was enormous over the last few years.

在過去幾年裡，公園的漲價幅度非常大。

You know, just every every time they could, they would either make packages smaller, higher price, whatever, if that consumer is just pushing back on that.

你知道，只要有可能，他們就會縮小包裝、提高價格，不管怎樣，只要消費者對此提出異議。

The great thing about a great business is you can increase your prices because there just aren't sufficient substitutes for what you sell.

好生意的好處在於，你可以提高價格，因為你賣的東西沒有足夠的替代品。

And that's certainly true of Disney World.

And so while Disney World revenues above its 2019 pre-pandemic high watermark, Disney World attendance isn't.

是以，雖然迪士尼樂園的收入超過了 2019 年大流行前的最高水位，但迪士尼樂園的入園人數卻沒有超過 2019 年的最高水位。

But the real villain or monster in the story could be something that's out of Disney and Universal's control.

但故事中真正的反派或怪物可能是迪士尼和環球影業無法控制的。

Tariffs, economic uncertainty, recession fears, inflation, political volatility.

關稅、經濟不確定性、衰退擔憂、通貨膨脹、政治動盪。

Most of us go on vacation to avoid thinking about headlines like these.

我們中的大多數人去度假，就是為了避免去想這樣的標題。

Unfortunately, they may now be crashing their way into your vacation.

不幸的是，它們現在可能會闖進你的假期。

In really harsh downturns like the financial crisis of 2008 and then, of course, COVID, Orlando has been terribly cyclical.

在真正嚴重的經濟衰退時期，如 2008 年的金融危機，當然還有後來的 COVID，奧蘭多的週期性非常強。

Revenue in Orlando declined by a double-digit percentage, peaked to trough during the financial crisis and much more during COVID.

奧蘭多的收入下降了兩位數，在金融危機期間從高峰跌入谷底，在 COVID 期間更是如此。

Early bellwethers for the travel industry, U.S. airlines and hotel chains are raising alarms around softening consumer demand.

作為旅遊業的早期風向標，美國的航空公司和連鎖酒店都在為消費者需求的疲軟敲響警鐘。

As of April 2025, U.S. airline ticket sales are down almost 4 percent compared to last year.

截至 2025 年 4 月，美國機票銷售額與去年相比下降了近 4%。

At the end of the day, travel is consumer discretionary spend.

說到底，旅遊是消費者的自由支配消費。